According to his website, he will be starting a subscription service. I’m guessing it will work like 360Woodworking, Woodwhisperer, etc. Be nice to see him get busy on Youtube but he might consider that a step down after being on television although I would consider it freedom.

It will be good for PBS in the long run. When USPS was defunded it become one of the most efficient and well run organizations in the world. People like to give them grief but no private company could do what USPS does. Hell, most companies that large wouldn’t exist without regular bailouts of taxpayer money.

Tommy Mac has an executive producer credit so he may play a role behind the scenes but somehow I doubt it. He did a live broadcast last weekend and ignored questions about Rough Cut and instead focused on promoting his classes.

Maybe IRS will have something to say about writing off his new shop, if he is no longer doing TV stuff.

- pontic

He’s OK if he is doing classes and making furniture for sale…. so it is still a “place of business” with usual debits, credits and depreciation charges.He he just decided it was his man cave…. yep! The Tax Man would cometh.

-- “The two most important days in your life are the day you are born and the day you find out why.” Mark Twain

Maybe Pontic has inside knowledge but I wouldn’t assume he paid for it, or maybe only paid for part. The production company could have paid for it as a type of severance package, which they will write off as a business expense.

Total cost of the tools are 238K. Shop cost 200Kplus. Shop was built for His New business. Tools were questionable as to who is paying for them.
If they were “gifted” to him by the CIMMI corp. then he must report that as personal income.
Can’t gift to a constructed entity(corporation) unless t is a registered charity.
Tommy gotta pay tax on the gift.
If they were given as a promotional product(which I seriously doubt) then the CIMMI corp. must report the expense. Only so much in dollars are allowed per income they can report. It will still be considered a gift to Tommy’s business as a “Traded asset” The IRS red flags these guys when they break away from the PBS system and “go on their own” The “American Woodshop” is having these problems as we speak.
So look out Tommy.
My wife is a Certified Fraud examiner and a CPA. This is what she said when she came back from one of her association conferances.